The trading Range for USD-INR pair will be 66.80 - 67.50/dollar for the day, says Pramit Brahmbhatt of Veracity.
The Indian rupee gained in early trade on Monday. It has opened higher by 30 paise at 66.95 per dollar versus 67.25 Friday. Pramit Brahmbhatt of Veracity said, "The rupee is expected to trade stronger on back of weak data from US, thus a weakening USD." "The trading range for USD-INR pair will be 66.80 - 67.50/dollar for the day," he added.
Dollar sees mild gains in early trade today after posting its largest one-day percentage fall against a basket of major currencies since February on Friday, meanwhile the yen surges.
The Indian rupee gained in early trade on Monday. It has opened higher by 30 paise at 66.95 per dollar versus 67.25 Friday. Pramit Brahmbhatt of Veracity said, "The rupee is expected to trade stronger on back of weak data from US, thus a weakening USD." "The trading range for USD-INR pair will be 66.80 - 67.50/dollar for the day," he added.
Dollar sees mild gains in early trade today after posting its largest one-day percentage fall against a basket of major currencies since February on Friday, meanwhile the yen surges.
US Dollar Index
The American currency declined by more than 1 percent in the last week owing to a number of factors. ADP report showed addition of 173K jobs to private payrolls. However, the NFP report showed additions of only 38K jobs. This major decline in NFP was due to an expected slowdown in hiring at big chain stores and the temporary impact of the Verizon strike.Moreover, official statement made by Japan’s PM with respect delay in sales tax hike led to strength in Japanese Yen against the DX.
All the above factors acted as a negative factor for the American currency. US Dollar Index made a weekly low of 96.86 and closed at 94.03 on Friday.
Outlook
From the intra - day perspective, Rupee is likely to appreciate owing to weak ness seen in the DX after the disappointing release of ADP and NFP employment report from the US . This will keep the Indian rupee supportive.
The American currency declined by more than 1 percent in the last week owing to a number of factors. ADP report showed addition of 173K jobs to private payrolls. However, the NFP report showed additions of only 38K jobs. This major decline in NFP was due to an expected slowdown in hiring at big chain stores and the temporary impact of the Verizon strike.Moreover, official statement made by Japan’s PM with respect delay in sales tax hike led to strength in Japanese Yen against the DX.
All the above factors acted as a negative factor for the American currency. US Dollar Index made a weekly low of 96.86 and closed at 94.03 on Friday.
Outlook
From the intra - day perspective, Rupee is likely to appreciate owing to weak ness seen in the DX after the disappointing release of ADP and NFP employment report from the US . This will keep the Indian rupee supportive.
Written by Unknown
We are Creative Blogger Theme Wavers which provides user friendly, effective and easy to use themes. Each support has free and providing HD support screen casting.
0 comments:
Post a Comment